ProVise Management Group LLC Reduces Position in Synovus Financial Corp. (SNV)
ProVise Management Group LLC decreased its holdings in shares of Synovus Financial Corp. (NYSE:SNV) by 45.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,398 shares of the bank’s stock after selling 6,142 shares during the quarter. ProVise Management Group LLC’s holdings in Synovus Financial were worth $355,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in SNV. PNC Financial Services Group Inc. raised its stake in Synovus Financial by 16.5% during the second quarter. PNC Financial Services Group Inc. now owns 4,120 shares of the bank’s stock worth $182,000 after acquiring an additional 583 shares during the period. Parametric Portfolio Associates LLC raised its stake in Synovus Financial by 3.4% during the second quarter. Parametric Portfolio Associates LLC now owns 177,016 shares of the bank’s stock worth $7,831,000 after acquiring an additional 5,900 shares during the period. Janus Henderson Group PLC acquired a new stake in Synovus Financial during the second quarter worth about $6,189,000. Raymond James Financial Services Advisors Inc. raised its stake in Synovus Financial by 4.1% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 25,312 shares of the bank’s stock worth $1,120,000 after acquiring an additional 1,001 shares during the period. Finally, Koch Industries Inc. acquired a new stake in shares of Synovus Financial in the second quarter valued at approximately $283,000. Hedge funds and other institutional investors own 78.35% of the company’s stock.
In related news, VP Mark G. Holladay sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $50.16, for a total transaction of $250,800.00. Following the transaction, the vice president now owns 52,063 shares in the company, valued at $2,611,480.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Allen J. Gula sold 2,450 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $50.22, for a total transaction of $123,039.00. Following the transaction, the chief operating officer now owns 70,111 shares in the company, valued at approximately $3,520,974.42. The disclosure for this sale can be found here. Insiders have sold 8,502 shares of company stock worth $425,198 in the last quarter. Company insiders own 1.50% of the company’s stock.
Synovus Financial (NYSE:SNV) last posted its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.05. Synovus Financial had a net margin of 18.27% and a return on equity of 11.20%. The business had revenue of $339.07 million for the quarter, compared to analyst estimates of $338.60 million. During the same quarter last year, the business earned $0.54 earnings per share. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. research analysts expect that Synovus Financial Corp. will post 3.41 EPS for the current fiscal year.
Synovus Financial declared that its board has approved a share buyback plan on Tuesday, January 23rd that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the bank to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Several equities research analysts have commented on SNV shares. Zacks Investment Research upgraded shares of Synovus Financial from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Tuesday, December 26th. Hovde Group restated a “hold” rating and issued a $53.00 price target on shares of Synovus Financial in a research note on Tuesday, January 23rd. Barclays raised their price target on shares of Synovus Financial from $49.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Robert W. Baird restated a “hold” rating and issued a $43.00 price target on shares of Synovus Financial in a research note on Friday, October 20th. Finally, Stephens restated a “buy” rating and issued a $56.00 price target on shares of Synovus Financial in a research note on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. Synovus Financial currently has a consensus rating of “Hold” and a consensus target price of $51.92.
TRADEMARK VIOLATION WARNING: “ProVise Management Group LLC Reduces Position in Synovus Financial Corp. (SNV)” was first published by TheOlympiaReport and is owned by of TheOlympiaReport. If you are accessing this piece of content on another website, it was copied illegally and republished in violation of U.S. & international trademark & copyright law. The correct version of this piece of content can be accessed at https://theolympiareport.com/2018/02/15/provise-management-group-llc-reduces-position-in-synovus-financial-corp-snv.html.
Synovus Financial Profile
Synovus Financial Corp. is a financial services company and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services, to its customers through locally branded banking divisions of its subsidiary bank, Synovus Bank (the Bank), and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee.
Want to see what other hedge funds are holding SNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Synovus Financial Corp. (NYSE:SNV).
Receive News & Ratings for Synovus Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synovus Financial and related companies with MarketBeat.com's FREE daily email newsletter.